Yahoo Shareholders Reject Plan to Tie Executive Compensation to Company's Crappy Performance
Well, what do you know: Yahoo’s annual shareholder meeting didn’t conclude with CEO Terry Semel’s head piked on the exclamation point of the Yahoo sign outside company headquarters. Nor did it end with the blackballing of the directors responsible for Semel’s grotesquely large pay package.
Despite complaints over Yahoo’s lousy performance and a widely publicized campaign to oust Semel and the majority of the company’s directors, the company’s shareholders rejected a plan to tie compensation for senior executives to the company’s performance and approved the company’s slate of directors.
That said, the meeting couldn’t have been an easy one for Semel or the board. Yahoo’s directors were approved by a roughly 66% vote. An endorsement, yes, but not a ringing one.